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About 100 people visited Veterans Memorial Coliseum on Thursday to hear an announcement that many had been waiting for: the arena has been named a 鈥渘ational treasure鈥� by the National Trust for Historic Preservation.

The coliseum, financed by an $8 million bond approved by voters, was built in 1960. The city has conducted multiple studies over the past 20 years to seek how to preserve (or replace) the aging building; however, no easy solution has emerged.

City commissioners Amanda Fritz and Nick Fish both pledged city support for renovating the aging, city-owned structure, which in the past was targeted for demolition.

鈥淭he longer we wait to make improvements and do upgrades, the harder it will be,鈥� Fritz said at Thursday’s press conference.

The city this summer will take a first step toward arena restoration by replacing the roof, Fish said.

鈥淚’m here today to say we will stand with you to protect this iconic structure,鈥� he said. 鈥淐ities that don’t protect historic structures are guilty of 鈥榗ivic vandalism,’ but not here in Portland.鈥�

The coliseum is already on the National Register of Historic Places. Fish said the 鈥渘ational treasure鈥� designation does not afford any legal protections.

鈥淚nstead, it’s up to us,鈥� he said.

Barbara Pahl, senior vice president of field services for the National Trust, stressed that a coordinated local effort is needed to make sure the building gets the attention it needs. Notably, some of its systems are more than 50 years old and require replacement.

鈥淚t will continue to serve Portland as a multipurpose arena, but only if the city and community come together,鈥� she said.

Other than the roof replacement, no next steps were spelled out on Thursday.

After the press conference, Restore Oregon Executive Director Peggy Moretti said the building’s new status will give it recognition and support from the National Trust, but added that its preservation requires a firm commitment from the city and the community.

鈥淚t’s a wonderful step, a national platform to bring an extra layer of political clout 鈥� and there is an answer here,鈥� she said. 鈥淲e’ve been spinning our wheels, but now let’s break into gear.鈥�

The city this past fall studied possibilities for the coliseum. Various scenarios were identified, but no money has been allocated.

According to the report, the least expensive option would be to tear down the building at a cost of about $14 million. A second option 鈥� making necessary upgrades to the electrical, plumbing, HVAC and envelope systems to keep the coliseum functional 鈥� would cost about $35 million. Without the upgrades, the building is at risk of major failure, according to the report.

A third solution proposed in the report would involve major renovations. Five different scenarios would range in cost from $61 million for enhancements including large seats and an outdoor side terrace to $145 million for creation of a movable floor system and the addition of an indoor track.